New York shuts down Signature Bank as US regulators cite a “systemic risk exception” like for SVB, announcing all of Signature's depositors will be “made whole”
U.S. regulators said Sunday it shut down New York-based Signature Bank, a second financial institution …
CNBC
Related Coverage
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Discussion
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@heidilifeldman@mastodon.social
Heidi Li Feldman
on mastodon
I'm learning about #SignatureBank, another specialized bank closed by regulators this weekend. As explained here, it was a major lender to the crypto industry so it was especially vulnerable to depositors' loss of confidence. https://www.cnbc.com/... #SVB #Banking #Banks
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@jchervinsky
Jake Chervinsky
on x
The closures of Silvergate, SVB, and Signature create a huge gap in the market for crypto-friendly banking. There are many banks that can seize this opportunity without taking on the same risks as these three. The question is if banking regulators will try to stand in the way.
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@twobitidiot
@twobitidiot
on x
Crypto's banking rails have been effectively shuttered in less than a week. Next up, USDC. The message from DC is clear: crypto is not welcome here.
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@melt_dem
Meltem Demirors
on x
and just like that, crypto in america has been unbanked Silvergate. Silicon Valley Bank. Signature. in one week https://twitter.com/...
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@hfangca
Hong
on x
It's been a wild week. Silvergate. SVB. Now Signature. We had no exposure to SVB (or any of the previous blow-ups) We managed Silvergate situation Signature IS our primary USD bank for customer transactions. So this Sunday news did have some short-term implications👇
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@thestalwart
Joe Weisenthal
on x
Signature Bank and Silvergate gone. Incredible the number of lives and institutions ruined, lured by the crypto siren song.
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@okcoin
@okcoin
on x
1/ @okcoin has been closely monitoring the situation with @NYDFS & Signature Bank. The most important thing is that all customer funds are safe! 💪 Here's what's going on. ⤵️
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@josephzeballos
Joseph Zeballos-Roig
on x
Former Rep. Barney Frank (D-MA) endorsed changes to his own Dodd-Frank law in 2018 that freed mid-sized banks from undergoing stress tests. He sits on Signature Bank's board, which just collapsed. I reached him via phone tonight and he declined to comment https://www.washingtonpo…
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@fdicgov
@fdicgov
on x
We are establishing a bridge bank to protect all depositors of Signature Bank, New York, and to preserve the value of the institution's assets and operations to sell at a later date. Read more ➡️ https://www.fdic.gov/... https://twitter.com/...
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@matthewstoller
Matt Stoller
on x
And Signature Bank, which had a business model of taking uninsured deposits from crypto bros, also got a bailout. Barney Frank is a board member, Ivanka Trump is a former board member. Wheee!!! https://www.wsj.com/...
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@ericwallerstein
Eric Wallerstein
on x
90% of Signature Bank's deposits were uninsured https://twitter.com/...
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@danprimack
Dan Primack
on x
3/ Fed, FDIC and Treasury also applied exception to Signature Bank, which apparently got shut down. Suggests depositors at other institutions could be covered, even though not explicitly said. There is still a chance of contagion, although it's now greatly diminished.
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@zachweinberg
@zachweinberg
on x
Dear Crypto people (if you're still left): Welcome to having rules and process. Immediate liquidation is a bug, not a feature. - Everyone
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@davidkurten
David Kurten
on x
Third US bank goes down: ❌Silvergate Bank ❌Silicon Valley Bank ❌Signature Bank https://www.cnbc.com/...
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@thestalwart
Joe Weisenthal
on x
“Shareholders and certain unsecured debtholders will not be protected. Senior management has also been removed.” https://www.federalreserve.gov/ ...
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@leehower
Lee Hower
on x
Sobering thought. The 2nd largest bank failure (SVB) and 3rd largest bank failure (Signature) in US history have occurred in the last 72 hrs.
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@tbr90
Tyler Reynolds
on x
It's awfully convenient that the 3 banks shut down in the last few days were the cornerstone of fiat ramps for crypto Most concerning is they shut down Signature and a few hours later chose to bail out all depositors
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@arjunsethi
Arjun Sethi
on x
@POTUS @SecYellen You used the cover of chaos and darkness to go after other crypto-friendly banks. 👏 And helped to continue stifling innovation that should be here in the United States and now will flow offshore even faster.
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@punk6529
@punk6529
on x
Alternative theory and note to self: Never ever ever start a bank whose name starts with “Si” https://twitter.com/...
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@kadhim
@kadhim
on x
Looks like cost of bailing out SVB/Signature's uninsured depositors will be met by a levy on other banks https://www.federalreserve.gov/ ... https://twitter.com/...
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@tracyalloway
Tracy Alloway
on x
Two things Silicon Valley, Signature and Silvergate all had in common other than the first two letters of their names: - Concentrated exposure to tech/crypto - Rapid growth in deposits As @John_Hempton said in an Odd Lots, there's nothing more dangerous than a fast-growing bank
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@twobitidiot
Ryan Selkis
on x
The Regime has picked their scapegoat and sent out talking points to its comms teams. Don't believe their lies. This is failed interest rate policy and regulatory oversight, nothing to do with crypto. The only true “crypto bank” was assassinated last week with full reserves. http…
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@lyu_johnny
@lyu_johnny
on x
It's unfortunate to witness another crypto-friendly bank shut down, but we're relieved that depositors at #SVB and #Signature are safeguarded. It's important to note that #SignatureBank has no impact on KuCoin. We'd like to reassure our community that their funds remain secure.
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@mayazi
Maya Parody
on x
It's not that these banks had a concentrated exposure to tech/crypto clients, as much as both industries had a surge in deposits/investments during ZIRP & the banks' just weren't on the radar of regulators. It was on the Fed to check which FI were effected by falling bond prices …
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@timccopeland
Cope
on x
lessons i'm learning from crypto - don't store money in banks - don't store money in defi protocols - don't store money in crypto for that matter - it doesn't matter, you don't have any crypto left
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@johnreedstark
John Reed Stark
on x
Given Signature/Silvergate failures, any bank doing any sort of crypto-related work poses a systemic threat and faces a 24-7 regulatory colonoscopy. If there is no way to cash-in casino chips after gambling, people will stop going to casinos. Bye crypto. https://news.yahoo.com/..…
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@amacker
Andrew Ackerman
on x
So if you're a bank that did a good job managing interest-rate risk, at the very least you're going to have to pay higher DIF premiums to cover banks that were run irresponsibly, right? https://www.wsj.com/...
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@laurawalkerkc
@laurawalkerkc
on x
Two of the banks that were friendliest to the crypto sector and the biggest bank for tech startups all failed in less than a week. https://www.cnbc.com/...
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@jimpethokoukis
James Pethokoukis
on x
“This should be enough to stop the depositor panic,” said William Dudley, who served as president of the New York Fed from 2009 to 2018. “What it tells you is that risks to the financial system are not just tied to the big money-center banks.” https://www.wsj.com/...